IRI URGES COMMITTEE TO PASS ELECTRONIC NOTARIZATION LEGISLATION

Measure Would Bring Document Notarization into 21^st Century

 WASHINGTON, D.C. – A House subcommittee today will consider legislation to give consumers and businesses the ability to execute essential documents remotely using secure two-way communications rather than being physically present to sign.

Among the measures being heard by the Consumer Protection and Commerce Subcommittee of the House Energy and Commerce Committee is the Securing and Enabling Commerce Using Remote and Electronic Notarization Act (SECURE Notarization Act).

The Insured Retirement Institute (IRI) strongly supports enactment of the bill, which has strong bipartisan support. The measure is one of more than thirty public policy proposals advocated by IRI in its 2022 Federal Retirement Security Blueprint.

“IRI is leading the insured retirement industry in a unique strategic objective to drive adoption of digital solutions,” said Paul Richman, Chief Government and Political Affairs Officer. “Part of our effort is to address regulatory barriers that require physical signatures on documents when safe, secure technology allows for signature, notarization, and verification virtually and electronically.”

The Covid-19 pandemic dramatically changed how consumers conduct business. However, various laws and rules applicable to the insured retirement industry require individuals to be physically present to conduct business and access the products and services needed to prepare for their retirement. While both federal and state regulators responded to the pandemic by authorizing temporary relief measures, making those temporary measures permanent would best serve retirement savers.

The SECURE Notarization Act would establish minimum federal standards for the nationwide use of remote online notarizations and ensure that all 50 states, the District of Columbia, and territories of the United States recognize the use of current technologies for interstate notarizations and essential transactions executed in the conduct of interstate commerce.

“The past two years have been a proving ground for demonstrating how technology can facilitate efficient transactions with strong consumer protections,” Richman said. “For retirement savers, this legislation can increase accessibility to important lifetime income products and financial advice to help America’s workers and retirees achieve a financially secure retirement.”

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Contact: Dan Zielinski